Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2016 | Jan. 19, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | FIRST LEVEL ENTERTAINMENT GROUP, INC. | |
Entity Central Index Key | 1,503,227 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 42,219,990 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) | Nov. 30, 2016 | Aug. 31, 2016 |
CURRENT ASSETS: | ||
Cash and equivalents | $ 10 | $ 89 |
Total Current Assets | 10 | 89 |
Total Assets | 10 | 89 |
CURRENT LIABILITIES: | ||
Bank overdraft | 60 | |
Accounts payable and accrued expenses | 232,500 | 240,250 |
Advance related parties | 5,150 | |
Total Current Liabilities | 237,710 | 240,250 |
STOCKHOLDERS' DEFICIT: | ||
Preferred Stock, par value $.001; 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, par value $.001; 500,000,000 shares authorized; 42,219,990 and 42,219,990 shares issued and outstanding as of November 30, 2016 and August 31, 2016, respectively | 42,220 | 42,220 |
Additional paid in capital | 2,857,378 | 2,857,378 |
Accumulated deficit | (3,137,298) | (3,139,759) |
Total Stockholders' Deficit | (237,700) | (240,161) |
Total Liabilities and Stockholders' Deficit | $ 10 | $ 89 |
CONSOLIDATED BALANCE SHEETS (u3
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Nov. 30, 2016 | Aug. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value (in dollars per share) | $ .001 | $ .001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ .001 | $ .001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 42,219,990 | 42,219,990 |
Common stock, shares outstanding | 42,219,990 | 42,219,990 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Income Statement [Abstract] | ||
Revenue | ||
Operating Expenses: | ||
General and Administrative | (2,461) | 36,421 |
Total Operating Expenses | (2,461) | 36,421 |
Operating Income (Loss) | 2,461 | (36,421) |
Other Income (Expense) | ||
Total Other Income (Expense) | ||
Net Income (Loss) before Income Taxes | 2,461 | (36,421) |
Provision for Income Taxes | ||
Net Income (Loss) | $ 2,461 | $ (36,421) |
Basic and diluted net loss per common share (in dollars per share) | $ 0 | $ 0 |
Basic and diluted weighted average number of common shares outstanding (in shares) | 42,219,990 | 40,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net Income (loss) | $ 2,461 | $ (36,421) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Expenses paid by related party on behalf of the company | 5,150 | 1,737 |
Common stock issued for services | ||
Changes in operating assets and liabilities: | ||
Prepaid expenses | ||
Accounts payable and accrued expenses | (7,690) | 34,500 |
Net cash used in operating activities | (79) | (184) |
INVESTING ACTIVITIES: | ||
FINANCING ACTIVITIES: | ||
NET INCREASE IN CASH | (79) | (184) |
CASH BEGINNING BALANCE | 89 | 227 |
CASH ENDING BALANCE | 10 | 43 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Taxes paid | ||
Interest paid | ||
NON-CASH TRANSACTIONS AFFECTING OPERATING, INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued for forgiveness of debt |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Nov. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION First Level Entertainment Group, Inc. (“the Company”), formerly known as Sound Kitchen Entertainment Group, Inc., commenced operations in February 1, 2012. The Company was incorporated on June 2, 2008 in the State of Florida and established a fiscal year end of August 31. The Company is in the entertainment business presently focusing on mobile applications. The Company has the following wholly-owned subsidiaries: i) Mobile Sonars Inc.; ii) Am I There Inc.; iii) Message Attic Corp.; VIP Wink Corp. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company and the notes thereto have been prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The August 31, 2016 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited financial statements and the notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended August 31, 2016 filed with the SEC on December 14, 2016. The accounting policies applied by the Company in these condensed interim financial statements are the same as those applied by the Company in its audited consolidated financial statements as at and for the year ended August 31, 2016. The quarterly information presented should be read in conjunction with the annual report filed on Form 10-K with the Securities and Exchange Commission. Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany balances and transactions within the Company and subsidiary have been eliminated upon consolidation. Use of Estimates and Assumptions Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Income Taxes The Company follows the liability method of accounting for income taxes in accordance with ASC Topic 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. Website Development Costs The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are expensed and costs incurred in the day to day operation of the website are expensed as incurred. Revenue and Cost Recognition The Company has no current source of revenue. The Company recognizes revenue based on Account Standards Codification (“ASC”) 605 “Revenue Recognition” Basic and Diluted Net Loss per Common Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of November 30, 2016, or 2015 which were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Nov. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company does not have material assets, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company has a deficit accumulated since inception (June 2, 2008) through November 30, 2016 of ($3,137,298). The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company has funded its initial operations, from inception to November 30, 2016, by way of issuing common shares and advances from related parties. As of November 30, 2016, the Company had issued 42,219,990 common shares. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS As of November 30, 2016, the Company owed $5,150 to related party (an officer and majority shareholder) for operating expenses paid on the Company’s behalf. All related party balances bear no interest and are due on demand . As of November 30, 2016, the Company accrued professional fees of $90,000. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS We have evaluated events and transactions that occurred subsequent to November 30, 2016 through the date of this report, the date the consolidated financial statements were issued, for potential recognition or disclosure in the accompanying consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company and the notes thereto have been prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The August 31, 2016 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited financial statements and the notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended August 31, 2016 filed with the SEC on December 14, 2016. The accounting policies applied by the Company in these condensed interim financial statements are the same as those applied by the Company in its audited consolidated financial statements as at and for the year ended August 31, 2016. The quarterly information presented should be read in conjunction with the annual report filed on Form 10-K with the Securities and Exchange Commission. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany balances and transactions within the Company and subsidiary have been eliminated upon consolidation. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Income Taxes | Income Taxes The Company follows the liability method of accounting for income taxes in accordance with ASC Topic 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. |
Website Development Costs | Website Development Costs The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are expensed and costs incurred in the day to day operation of the website are expensed as incurred. |
Revenue and Cost Recognition | Revenue and Cost Recognition The Company has no current source of revenue. The Company recognizes revenue based on Account Standards Codification (“ASC”) 605 “Revenue Recognition” |
Basic and Diluted Net Loss per Common Share | Basic and Diluted Net Loss per Common Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of November 30, 2016, or 2015 which were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Nov. 30, 2016 | Aug. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (3,137,298) | $ (3,139,759) |
Common stock, shares issued | 42,219,990 | 42,219,990 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Nov. 30, 2016 | Aug. 31, 2016 |
Related Party Transactions [Abstract] | ||
Advance related parties | $ 5,150 | |
Accrued professional fees | $ 90,000 |